Chinese company Tencent buys stake in Snap

A banner for Snap Inc. hangs from the front of the New York Stock Exchange, in New York, March 2, 2017. Chinese internet company Tencent buys a 10 percent stake in Snap, announced Wednesday.
Mark Lennihan — The Associated Press file

NEW YORK >> The Chinese internet company Tencent has acquired a 12 percent stake in Snap, with the social media company struggling to boost user growth.

Tencent runs the WeChat messaging app, as well as online payment platforms and games. Earlier this year, it bought a 5 percent stake in Tesla Inc.

Snap Inc. is the parent company of Snapchat, a camera app that lets people send short videos and images. The company, based in Venice, California, said in a regulatory filing Wednesday that Tencent bought 145.8 million shares.

Snap revealed Tuesday that its loss tripled to $443.2 million during the third quarter on weak user growth and revenue. The app is getting a redesign to make it easier to use.